Kazakhstan is prioritizing economic diversification and improving the competitiveness of its manufacturing sector. This year, work in this direction has continued, with the launch of 180 investment projects totaling nearly 1.3 trillion tenge. Among these, 164 projects specifically target the manufacturing sector. Moreover, over 760 projects valued at 35 trillion tenge have been selected and registered in the investment project pool registry on a dedicated national platform.
«Forecasts from international financial institutions predict that our country’s gross domestic product (GDP) growth will range between three and four percent. However, the government reports that GDP growth for the first 11 months has already reached 4.4 percent. Several factors have contributed to this growth, particularly a significant increase in production volumes from manufacturing enterprises,» said Aigul Kosherbayeva, senior researcher at the Kazakhstan Institute for Strategic Studies (KazISS).
Kazakhstan’s economic growth is primarily driven by advancements in the non-raw materials sector. This development positively impacts not only import substitution but also the growth of the non-oil sector. Plans include increasing export volumes by six trillion tenge and reducing import dependence by 1.5 trillion tenge. Since the beginning of the year, exports of processed goods have risen by ten percent. Kazakhstan’s foreign trade turnover has exceeded $116 billion, with exports accounting for more than half of this total.
«In September 2024, the World Trade Organization (WTO) conducted the first review of Kazakhstan’s trade policy. During this review, the outcomes of the country’s commitments made upon joining the WTO were publicly discussed. Foreign experts praised Kazakhstan for its efforts to diversify its economy, simplify trade procedures, and improve transparency. As a result, the international community widely recognized Kazakhstan as a reliable and predictable partner,» noted Kazakh Minister of Trade and Integration Arman Shakkaliyev.
Kazakhstan seeks to fully demonstrate its transit and transport capabilities, taking advantage of its strategic geographic location. The country acts as a crucial bridge linking Europe and Asia, with 13 international transport corridors running through its territory.
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